Electronic sourcing

3 ways eSourcing can help your business

Finding and negotiating with suppliers is a time-consuming and challenging process for any business – especially for those with complicated supply chains. eSourcing can streamline this process, allowing your organisation to use a suite of online systems to collect and compare information on a range of suppliers, run auctions, tenders, and complete vendor surveys – all designed to help you choose a preferred provider.

eSourcing technology, and in particular, web3 eSourcing, offers your organisation numerous benefits, and in this blog post, we’ll discuss three of the most important:

#1 – Facilitate easier eAuctions

In the run up to any eAuction, suppliers have online access to a portal where they can input their starting price. As the event takes place, buyers and suppliers can enjoy instantaneous communication with one another, ensuring it’s easy to work out deals and keep an audit trail of what has been said by whom.

Any bid made is tracked in real-time and shown on a dashboard, helping you track the progress of the auction. When the auction is finished, web3 will show you the top bidder by lots and auction. An award button handles all administrative notifications including, letting successful and unsuccessful parties know the outcome of the auction, and therefore, reduce time spent undertaking menial tasks.

#2 – More eTenders, more often

Electronic tenders are designed to help you create, distribute, collect and store tender documents online. eTenders offer significant ROI as demonstrated below:

  • Higher quality – electronic tenders with standardise data formats that offer a catch-all approach to document management, so tenders can be sense checked, ensuring high levels of document and process quality is maintained.
  • Increased efficiency – building, distributing and scoring tenders is reduced by approximately 85% vs manual tender management.
  • Lower costs – any overheads associated with tendering are reduced by process automation.

#3 – Keeping your data centralised

web3 eSourcing allows you to integrate and link to data collected from one sourcing event to another. For instance, data provided by your suppliers in the Pre-Qualification (PQQ) stage can easily be carried into the next stage of sourcing activity such as a Request for Proposal (RFP) or eAuction.

Centralising all this data saves you precious time as you won’t need to upload data in separate systems. Instead, you’ll benefit from a streamlined solution and cut out laborious data management practices.

In addition, eSourcing solutions such as web3 eSourcing, provide a raft of innovative dashboards and analytics, such as analysing supplier responses and scoring and ranking based pre-determined scoring criteria. Having all of this data on-hand will improve your decision-making when selecting a buyer to meet your procurement needs.

Download our product guide for more information

To find out more about how eSourcing can benefit your business, and what the innovative procurement software web3 can do, download our whitepaper by following this link.

Otherwise, call us today on +44 (0)333 323 3755 or send us a message on our online enquiry form and we will be in touch.